SEPN on Nasdaq
Septerna, Inc.
American pharmaceutical preparations company based in South San Francisco.
Price unavailable
Last updated Oct 18, 2026.
Overview
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
-148.6%Operating margin3
-106.4%Net margin3
4174.5%Revenue growth, 20253
-12.8%Return on equity3
$109.7MFree cash flow3
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Research and development100¢$97.6M
- Income tax0¢$12.0K
Out of $46.0M in revenue.3 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending0¢$518.0K
- Kept or used elsewhere100¢$109.7M
Out of $110.2M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $46.0M | $1.1M | |
| Research and development | $97.6M | $65.3M | |
| General and administrative | $29.2M | $16.6M | |
| Gain on sale of non-financial asset | -$12.5M | $0 | |
| Total operating expenses | $114.2M | $81.9M | |
| Loss from operations | -$68.3M | -$80.8M | |
| Interest income | $19.5M | $8.6M | |
| Other expense, net | -$100.0K | -$90.0K | |
| Total other income, net | $19.4M | $8.5M | |
| Loss before provision (benefit) for income taxes | -$48.9M | -$72.3M | -$48.9M |
| Provision (benefit) for income taxes | $12.0K | -$498.0K | |
| Net loss | -$48.9M | -$71.8M | |
| Net loss per share, basic | -$1.10 | -$7.26 | |
| Net loss per share, diluted | -$1.10 | -$7.26 | |
| Weighted-average shares outstanding, basic | 44.3M shares | 9.9M shares | |
| Weighted-average shares outstanding, diluted | 44.3M shares | 9.9M shares | |
| Net unrealized gain on marketable securities | $561.0K | $56.0K | |
| Total other comprehensive income | $561.0K | $56.0K | |
| Comprehensive loss | -$48.3M | -$71.7M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $120.7M | $238.2M | |
| Marketable securities | $270.4M | $112.7M | |
| Accounts receivable | $10.4M | $171.0K | |
| Prepaid expenses and other current assets | $9.5M | $5.7M | |
| Total current assets | $411.0M | $356.8M | |
| Marketable securities, non-current | $157.6M | $69.9M | |
| Property and equipment, net | $4.4M | $5.1M | |
| Operating lease right-of-use assets | $21.5M | $23.6M | |
| Restricted cash | $905.0K | $905.0K | |
| Other non-current assets | $816.0K | $267.0K | |
| Total assets | $596.2M | $456.6M | |
| Accounts payable | $10.3M | $3.2M | |
| Accrued expenses and other current liabilities | $12.2M | $7.8M | |
| Deferred revenue, current | $62.3M | $0 | |
| Operating lease liabilities, current | $2.2M | $1.9M | |
| Total current liabilities | $86.9M | $12.8M | |
| Deferred revenue, non-current | $105.9M | $0 | |
| Operating lease liabilities, non-current | $21.4M | $23.6M | |
| Other non-current liabilities | $0 | $33.0K | |
| Total liabilities | $214.3M | $36.5M | |
| Common stock, $0.001 par value per share, 500,000,000 shares authorized at December 31, 2025 and December 31, 2024; 44,806,272 and 44,422,505 shares issued and outstanding at December 31, 2025 and December 31, 2024 respectively; 131,224 and 576,829 shares subject to repurchase as of December 31, 2025 and December 31, 2024, respectively | $45.0K | $44.0K | |
| Additional paid-in capital | $548.5M | $538.3M | |
| Accumulated other comprehensive income | $617.0K | $56.0K | |
| Accumulated deficit | -$167.3M | -$118.4M | |
| Total stockholders' equity | $381.9M | $420.0M | -$38.4M |
| Total liabilities and stockholders' equity | $596.2M | $456.6M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 500.0M shares | 500.0M shares | |
| Common stock, shares issued | 44.8M shares | 44.4M shares | |
| Common stock, shares outstanding | 44.8M shares | 44.4M shares | |
| Restricted stock options subject to repurchase | 131.2K shares | 576.8K shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $120.7M | $238.2M | |
| Marketable securities | $270.4M | $112.7M | |
| Accounts receivable | $10.4M | $171.0K | |
| Prepaid expenses and other current assets | $9.5M | $5.7M | |
| Total current assets | $411.0M | $356.8M | |
| Marketable securities, non-current | $157.6M | $69.9M | |
| Property and equipment, net | $4.4M | $5.1M | |
| Operating lease right-of-use assets | $21.5M | $23.6M | |
| Restricted cash | $905.0K | $905.0K | |
| Other non-current assets | $816.0K | $267.0K | |
| Total assets | $596.2M | $456.6M | |
| Accounts payable | $10.3M | $3.2M | |
| Accrued expenses and other current liabilities | $12.2M | $7.8M | |
| Deferred revenue, current | $62.3M | $0 | |
| Operating lease liabilities, current | $2.2M | $1.9M | |
| Total current liabilities | $86.9M | $12.8M | |
| Deferred revenue, non-current | $105.9M | $0 | |
| Operating lease liabilities, non-current | $21.4M | $23.6M | |
| Other non-current liabilities | $0 | $33.0K | |
| Total liabilities | $214.3M | $36.5M | |
| Common stock, $0.001 par value per share, 500,000,000 shares authorized at December 31, 2025 and December 31, 2024; 44,806,272 and 44,422,505 shares issued and outstanding at December 31, 2025 and December 31, 2024 respectively; 131,224 and 576,829 shares subject to repurchase as of December 31, 2025 and December 31, 2024, respectively | $45.0K | $44.0K | |
| Additional paid-in capital | $548.5M | $538.3M | |
| Accumulated other comprehensive income | $617.0K | $56.0K | |
| Accumulated deficit | -$167.3M | -$118.4M | |
| Total stockholders' equity | $381.9M | $420.0M | -$38.4M |
| Total liabilities and stockholders' equity | $596.2M | $456.6M | |
| Preferred stock, par value | $0.00 | $0.00 | |
| Preferred stock, shares authorized | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued | 0 shares | 0 shares | |
| Preferred stock, shares outstanding | 0 shares | 0 shares | |
| Common stock, par value | $0.00 | $0.00 | |
| Common stock, shares authorized | 500.0M shares | 500.0M shares | |
| Common stock, shares issued | 44.8M shares | 44.4M shares | |
| Common stock, shares outstanding | 44.8M shares | 44.4M shares | |
| Restricted stock options subject to repurchase | 131.2K shares | 576.8K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net (loss) income | -$48.9M | -$71.8M |
| Depreciation and amortization | $1.6M | $1.4M |
| Gain on sale of non-financial asset | -$12.5M | $0 |
| Non-cash operating lease expense | $2.1M | $1.4M |
| Stock-based compensation | $8.5M | $3.2M |
| Accretion of discounts, net | -$3.4M | -$1.4M |
| Deferred income tax | $0 | -$491.0K |
| Other | $56.0K | $45.0K |
| Prepaid expenses and other current assets | -$3.8M | -$4.3M |
| Accounts receivable | -$10.2M | -$20.0K |
| Other non-current assets | -$554.0K | -$170.0K |
| Accounts payable | $6.6M | $723.0K |
| Accrued expenses and other current liabilities | $4.4M | $3.6M |
| Increase (Decrease) in Contract with Customer, Liability | $168.2M | $0 |
| Operating leases, net | -$1.9M | $448.0K |
| Net cash used in operating activities | $110.2M | -$67.5M |
| Purchases of property and equipment | -$518.0K | -$2.1M |
| Proceeds from sale of non-financial asset | $12.5M | $22.6M |
| Purchases of available-for-sale marketable securities | -$450.9M | -$213.4M |
| Maturities of available-for-sale marketable securities | $209.6M | $32.3M |
| Net cash used in investing activities | -$229.4M | -$160.6M |
| Proceeds from Initial Public Offering, net of offering costs | $0 | $302.8M |
| Proceeds from issuance of Series B Convertible Preferred stock, net of issuance costs | $0 | $74.9M |
| Repurchases of unvested restricted common stock | -$1.0K | -$1.0K |
| Proceeds from exercise of stock options | $973.0K | $52.0K |
| Proceeds from employee stock purchase plan | $717.0K | $0 |
| Net cash provided by financing activities | $1.7M | $377.8M |
| Net increase in cash, cash equivalents and restricted cash | -$117.5M | $149.7M |
| Cash paid for income taxes | $0 | $232.0K |
| Right-of-use asset recognized in exchange for operating lease liability | $0 | $12.5M |
| Conversion of convertible preferred stock to common stock upon initial public offering | $0 | $224.2M |
| Unpaid offering costs included in accounts payable | $0 | $21.0K |
| Property and equipment included in accounts payable and accrued expenses and other current liabilities | $517.0K | $37.0K |
No quarter-by-quarter statement was filed.
Leadership
Who has led Septerna, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
2025
- Chief executive officerJeffrey Finer Oct 24, 2024 to now7
- PresidentElizabeth Bhatt Aug 11, 2025 to now8
- PresidentJeffrey Finer Oct 24, 2024 to Aug 11, 20257
- Chief financial officerGil M. Labrucherie Jan 7, 2025 to now9
- Chief financial officerRan Xiao Oct 24, 2024 to Oct 24, 202410
- Chief operating officerElizabeth Bhatt Oct 24, 2024 to now11
Board members and other officers (14)
- Chief Medical OfficerRajiv Patni Sep 3, 2026 to now12
- SVP, Drug DiscoveryDaniel D. Long Oct 24, 2024 to now13
- Chief People OfficerSamira Shaikhly Oct 24, 2024 to now14
- SVP, Biological SciencesUwe Klein Oct 24, 2024 to now15
- Board memberKeith Michael Gottesdiener Sep 29, 2025 to now16
- Board memberAbraham Bassan Oct 24, 2024 to now17
- Board memberAlan Ezekowitz Oct 24, 2024 to now18
- Board memberBernard Coulie Oct 24, 2024 to now19
- Board memberJake Simson Oct 24, 2024 to now20
- Board memberJeffrey Finer Oct 24, 2024 to now7
- Board memberJeffrey K. Tong Oct 24, 2024 to now21
- Board memberPeter Kolchinsky Oct 24, 2024 to now22
- Board memberRajeev M. Shah Oct 24, 2024 to now22
- Board memberShalini Sharp Oct 24, 2024 to now23
Timeline
- Oct 24, 2024New chief executive Jeffrey Finer becomes CEO7
Filings
168 filings to the SEC since October 2021: 2 annual reports, 6 quarterly reports, 26 major events, 79 insider forms, 12 large holders, 1 private raises, 42 other. The latest 20:
- Oct 1, 2026144 EDGAR
- Oct 1, 2026144 EDGAR
- Sep 10, 20264 EDGAR
- Sep 3, 20263 EDGAR
- Sep 3, 20264 EDGAR
- Aug 25, 20268-K EDGAR
- Aug 14, 2026SCHEDULE 13D/A EDGAR
- Aug 14, 20264 EDGAR
- Aug 14, 20264 EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 13, 20264 EDGAR
- Aug 12, 2026144 EDGAR
- Aug 12, 2026144 EDGAR
- Aug 12, 2026144 EDGAR
- Aug 11, 2026144 EDGAR
- Aug 10, 202610-Q EDGAR
- Aug 10, 20268-K EDGAR
- Aug 5, 20264 EDGAR
- Jul 17, 20264 EDGAR
- Jul 15, 2026144 EDGAR
The 168 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last three years, summarized. The full record is on SEC EDGAR.
Insider trades and holders
Large holders
Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 12 such filings since October 2021, the latest 10:
- Aug 14, 2026SCHEDULE 13D/A
- Aug 14, 2026SCHEDULE 13G/A
- Feb 17, 2026SCHEDULE 13G/A
- Jun 10, 2025SCHEDULE 13G/A
- May 15, 2025SCHEDULE 13G/A
- May 15, 2025SCHEDULE 13G/A
- May 9, 2025SCHEDULE 13G/A
- Feb 14, 2025SCHEDULE 13G
- Feb 13, 2025SCHEDULE 13G
- Nov 4, 2024SC 13D
From Forms 4 and Schedules 13D and 13G filed with the SEC.
Money raised
Private offerings the company reported to the SEC on Form D.
- Jun 28, 2023Raised $73.5 million in a private offering of equity Form D: $150 million offered in all Form D
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Ra Capital Management, L.P. | 6,995,858 | $234.3M | 2.0% | No change |
| Trv Gp V, LLC | 6,215,591 | $208.2M | 41.8% | No change |
| Driehaus Capital Management LLC | 4,433,058 | $148.5M | 0.9% | +37,486 |
| Trv Gp Vi, LLC | 4,211,659 | $141.0M | 60.7% | No change |
| Samsara Biocapital, LLC | 3,149,128 | $105.5M | 8.7% | No change |
| Goldman Sachs Group Inc | 3,062,766 | $102.6M | 0.0% | +156,339 |
| BlackRock, Inc. | 1,932,088 | $64.7M | 0.0% | +109,914 |
| Siren, L.L.C. | 1,900,000 | $63.6M | 1.3% | −100,000 |
| Avoro Capital Advisors LLC | 1,337,500 | $44.8M | 0.4% | No change |
| Jupiter Topco LLC | 1,307,500 | $43.7M | 0.0% | New |
| Vanguard Capital Management LLC | 1,221,673 | $40.9M | 0.0% | +24,711 |
| Primecap Management Co/ca/ | 1,167,382 | $39.1M | 0.0% | +118,548 |
| First Light Asset Management, LLC | 963,260 | $32.3M | 2.0% | +230,400 |
| ADAR1 Capital Management, LLC | 940,747 | $31.5M | 1.5% | −149,071 |
| Geode Capital Management, LLC | 679,163 | $22.8M | 0.0% | +34,017 |
| State Street Corp | 652,630 | $21.9M | 0.0% | +21,183 |
| Loomis Sayles & Co L P | 624,752 | $20.9M | 0.0% | New |
| Casdin Capital, LLC | 553,268 | $18.5M | 0.9% | No change |
| Catalio Capital Management, LP | 536,152 | $18.0M | 3.4% | +241,792 |
| Algert Global LLC | 397,487 | $13.3M | 0.2% | +376,452 |
| Kalehua Capital Management LLC | 389,088 | $13.0M | 4.2% | No change |
| Balyasny Asset Management L.P. | 350,442 | $11.7M | 0.0% | +113,763 |
| Longaeva Partners L.P. | 298,171 | $10.0M | 0.3% | +223,604 |
| Soleus Capital Management, L.P. | 275,000 | $9.2M | 0.3% | No change |
| Vanguard Portfolio Management LLC | 230,184 | $7.7M | 0.0% | +35,141 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARSepterna, Inc. filings on SEC EDGAR
- 2SEC EDGARSepterna, Inc. filings on SEC EDGAR
- 3SEC EDGARSepterna, Inc. 10-K for fiscal 2025
- 4SEC EDGARSepterna, Inc. 10-K for fiscal 2023
- 5SEC EDGARSepterna, Inc. 10-Q for fiscal 2026
- 6SEC EDGARSepterna, Inc. 10-Q for fiscal 2026
- 7
- 8SEC EDGARElizabeth Bhatt, President
- 9
- 10SEC EDGARRan Xiao, Chief financial officer
- 11
- 12SEC EDGARRajiv Patni, Chief Medical Officer
- 13SEC EDGARDaniel D. Long, SVP, Drug Discovery
- 14
- 15SEC EDGARUwe Klein, SVP, Biological Sciences
- 16
- 17SEC EDGARAbraham Bassan, Board member
- 18SEC EDGARAlan Ezekowitz, Board member
- 19SEC EDGARBernard Coulie, Board member
- 20SEC EDGARJake Simson, Board member
- 21SEC EDGARJeffrey K. Tong, Board member
- 22SEC EDGARPeter Kolchinsky, Board member
- 23SEC EDGARShalini Sharp, Board member